Canadian Tire to buy 12 Target property leases in Canada

Wed May 6, 2015 10:18am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

May 6 (Reuters) - Retailer Canadian Tire Corp said it would buy real estate leases for 12 properties previously held by the Canadian unit of Target Corp for $17.7 million.

The 12 new locations will add about 400,000 square feet of retail space to Canadian Tire Retail's store network, the company said on Wednesday.

Target, the No. 2 U.S. discount chain, exited Canada last month after struggling since its launch in the country in March 2013.

Canadian Tire did not specify if the deal value was in U.S. or Canadian dollars. (Reporting by Sneha Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty)